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and here's what's "money" tonight. reducing the deficit through immigration reform. how did it work? president obama held meetings today with top ceos and labor leaders. we have all the latest details. >>> plus the justice department body slammed standard & poor's alleging it defrauded investors over mortgage securities rating. is s&p cooked? john eagan, ceo of eagan jones rating company joins us exclusively to react. >>> the entire electronic industry could be turned upside down. foxconn workers in china will get the first free union vote. these guys produced 40% of the world's electronics. will this push up the price of your smartphone? you might want to embrace for impact. even when they say it's not it is always about money melissa: first let's take a look at today's market moments. stocks recovered after the worst day of the year. solid u.s. and european economic data helped put the bulls back on the track. the dow briefly climbed back above the 14,000 mark and pared session highs closing up 99 points. nasdaq and s&p 500 each gained more than 1%. >>> starting off tonight with p
. thanks for coming on. we appreciate it. more startling news out of the cbo report, cutting the deficit will grow the economy. they quantified that, it will really happen. look a chart showing three different scenarios that could happen. if we add to the deficit we'll see a bump in gross national product in the short-term but the economy could take a major hit in the long run. if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and
. republicans are winning the battle, wouldn't you say, when it comes to balancing? over two-thirds of deficit reduction has come from cuts to domestic programs, and it's not exactly fair. but now the house progressive caucus has come out with what they call the balancing act. it's a common-sense plan to reduce the deficit by closing tax loopholes and cutting wasteful defense spending. here is the chart of the plan. there is $1.7 trillion in new revenue. the $1.7 trillion in spending cuts is still there. this looks like a much fairer chart than the current system, don't you think? and it's estimated to reduce the deficit by $3.3 trillion. remember, we're trying to hit $4 trillion. so we're getting closer. the plan ends tax loopholes for yachts and for jets. it reduces the corporate meal and entertainment deduction to 25%. you can't write off the whole dinner anymore. it ends fossil fuel subsidies for oil companies that are raking in massive profits. exxonmobil, you know what their profit was? $44 billion in 2012. the last thing they need right now is your tax dollars as subsidy. the balancing
. >> they need to make cost-cutting measures. i mean, they've been running in the deficit for quite a while. >> you know, those folks look like just hard-working knowledgeable americans that care about the country. but they're so wrong. it's not about e-mails and it's not about ecommerce. it's about the republican party destroying the middle class in this country. and i wonder how many of those folks right there who don't rely on the post office, how they're going to feel when their netflix deliveries are delayed. what? they're not here for saturday night family movies? that's right. people definitely take the post office for granted. most everything americans know about the post office is absolutely wrong. they haven't paid attention to the story. and into the mainstream media, here we go. this morning, the "washington post" is telling people that the post office suffered tens of billions of dollars in losses in recent years with the advent of the internet and ecommerce. really? plenty of other media outlets. well, they are taking their information directly from the republican talking poin
that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90s, they have to say, what happened after
office says, forecasting a $845 billion budget deficit this year alone. though the first of less than a trillion dollars in five years. annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on the other side elmendorf says you can keep benefits the same but you've got to raise taxes substantially. let's go to the economic forecast here. cbo expects unemployment to average 8% this year and 7.6% next year, marking six straight years above 7.5%. that is the first time that happened in 70 years. as for growth, cbo expect as sluggish economy this year and growth to pick up next year. back to you. david: rich, all of these forecasts are subject to change. i haven't se
've tried and tried and passed two measures to try to replace the sequester to go about managing the deficit whittling down the entitlement programs so we can save them. instead here we are again and the president says no, we've got to raise taxes. and the same strategy vilify the rich and i suppose don't raise the taxes on the rich and people are happy to do that and that the republicans want to cut programs that try, why would anyone who is in these programs or thinks he might have this program why would that ever be appealing to go the republican way. >> and first of all, we understand that the president is not led on this issue and there's no response whatsoever, and just raising taxes and to say that you can tax the rich and get rid of the problem it's fictional. and i believe we're for fiscal discipline, managing down the debt and deficit for a reason because we don't want a debt crisis to implode this country and our economy because if you see interest rates jack up because all of a sudden our debt is unsustainable. that means families will have to pay more every month in their mortga
to be serious about reducing our deficit, can we combine some smart spending cuts-- because there's still some waste in government-- can we reform our health care programs in particular, because we spend lot more on health care than every other country does and we don't get better outcomes. so there's a lot of waste in the system and there are things that we can do to reduce health care costs. and can we close some loopholes and deductions that folks who are well connected and have a lot of accountants and lawyers can take advantage of so they end up paying lower rates than a bus driver or a cop, can we close some of those loopholes? if you combine those things together then we cannot only reduce our deficit but we can continue to invest in things like education and research and development that are going to help us grow. >> pelley: without raising rates again? >> without raising rates again. >> pelley: the president also made news with his opinion on the boy scouts. the national board of the boy scouts of america may decide this week whether to end its long-standing ban on gays in scouting. s
in washington. lori: you look at our ballooning national debt in the battle over the current deficit. what is the best outcome? >> that would be for the federal government to reduce spending. that is just all there is to it. lori: where exactly? i have to interrupt you, we are not getting enough detail as to where those tough cuts should come. >> i think they should come from everything. we definitely have to have some entitlement reform. you are seeing an explosion in expenditures in all areas of government. it will have to be trimmed back. one of the things we will be doing is finding those areas in our respective jurisdictions. lori: how do you think about the meat cleaver, if you will, regarding the cuts? >> well, it will happen unless the president wants to come to talk to us about meaningful cuts. the house has passed two bills now. this president is basically says no and does not want to talk to us. he needs to come talk to us. otherwise, it will happen and it will be very tough on a lot of different areas. lori: one silver lining in this national small business association, or econ
, he talked about the economy. when it comes to tackling the nation's deficit, president obama said sunday in an interview with cbs news there needs to be revenue involved. and it sounds like he might be interested in going after people like mitt romney. >> there is no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so that it doesn't have a huge impact. and as i said, when you look at some of these deductions that certain folks are able to take advantage of, the average person can't take advantage of them. the average person doesn't have access to cayman island accounts. the average person doesn't have access to carried interest income where they end up paying a much lower rate on billions of dollars that they've earned. so we just want to make sure that the whole system is fair. >> all right. steve, help me out here. i think the democrats are holding a losing hand if they come back and ask for more taxes. they talk about raising tax rates on anybody. but if we're talking about closing loo
deficit. and we can do it in a gradual way. >> so what does smart spending cuts mean? judd gregg is co-chair of the fix the debt campaign. robert reich is from the university of california at berkeley and author of "beyond outrage." both are cnbc contributors and we thank you for joining us. good to see you both. senator gregg, what's a smart spending cut? what's that mean? >> i don't know. i think it's a washington speak word for probably no cuts. >> no cuts? >> that's the tradition in washington. they say if it's not a good cut, don't make the cut. the fact is there's going to have to be decisions made here. taxes were raised at the end of the year. and we know we can't get to the fiscal responsibility we need without our entitlement accounts. they'll vo to step up. >> do you think we will actually see spending cuts on the entitlements? >> what i think is going to happen here is you're going to e see the sequester. it's going to go forward. the pressure is going to be so strong from groups that benefit from those accounts there will be a coming together to relieve that pressure and m
that the whole system is fair. that it's transparent. that we're reducing our deficit in a way that doesn't hamper growth, reduce the kinds of strategies that we need in order to make sure that we're creating good jobs and a strong middle class. >> strong middle class. make sure the system is fair. it's game on for this president. joining me now is political strategist angela rye. thank you both for being with us. >> thank you, reverend al. >> jarret, let me go to you first. tax fairness is a big part of what the president wants to get done. take a look at this. there are many middle class households that are actually paying a higher tax rate than households that make over a million dollars a year because they don't get most of their money from investments. will the president's policies change this problem? >> they will and they already are, to some extent. but there's more to be done there, just like the president just said. in the deal that ended the fiscal cliff, the tax rate at least for folks at the very top of the income scale, above $450,000, on capital gains and dividends, capital
understand -- i believe the american people understand that yes, we need to reduce the deficit, but it shouldn't just be on the backs of seniors. it shouldn't just be on the backs of young people trying to get a college education. >> the president won the fairness debate in the fall. that's what the election was all about. today, the president said that argument will define the fight ahead on guns, immigration, women's rights, gay rights. the whole agenda. >> the question i will ask myself on every item, every issue, is is this helping to make sure that everybody has got a fair shot and everybody is doing their fair share and everybody is playing by the same rules. >> this president is gearing up to push for real change. and he's compared to confront the gop if they don't want to compromise. joining me now is congresswoman james shakowski who was at the democratic retreat with the president. she's part of the progressive caucus which produced his own plan this week to trim the deficit without cuts to our safety net. congresswoman, let me go to you first. the president made it c
is turning to for advice on everything from the deficit to taxes to the broader economy. >>> then, after we talk to them, they're going to paint a picture for us, we're going to turn to two powerful investors for insight into what the conversation in washington means for the broader markets. cowen and company ceo jeff solomon will join us, and the bond king, bill gross. first, steve will bring us up to speed on the morning's top stories. steve? >> thank you, michelle. disney posting better than expected earnings and revenues after the bell. the company says it expects the next few quarters to be better on a stronger lineup of films and growing attendance at its theme parks. ceo bob iegory was on cnbc's "closing bell." >> you had a lot of ins and outs. basically, the trendser good. we had strong results at our domestic parks. the bookings have been pretty solid. advertising was okay. and generally speaking, our business performed well. and our interactive media group was profitable for the quarter. that's the first time the group has been profitable since we've been breaking it out. >> share
deficits, and that austerity was never given a credible grade, for example, by many investors, thinking, of course, it wasn't a great strategy. i concur. here's the problem, though. you know, austerity by definition is, you know, deficit cutting with less benefits and services. now, it is a horrible word. and, of course, many governments and politicians grabbed on to it because they really don't want deficit cutting and they don't want less benefits and services. but it is pretty hard to call it austerity as we go into, what, year six of post credit crisis activity. and global economics don't dictate we're doing a heck of a lot better, even though we had some jumps in growth, which kind of can be predicated on high levels of stimulus, maybe don't call it stimulus, maybe you call it just three to four years of big deficits. now, quid pro quo on the other hand seems to be the relationship that dictates who the big buyers are of very high quality, relatively speaking sovereign debt, whether it is boons, treasuries, guilts or ooth oaths. we need a whole lot less quid and a lot more pro grow
talking about the deficit. >> really? oh, yes. eric cantor to the rescue. he is ready to save the republican image and put a stop to the electoral college losses, right? of course, this is not the first time eric cantor has tried to save the party. you see, it actually is the fourth attempt that he has had. in 2009, cantor held a pizza party, remember that? with jeb bush and mitt romney by launching the national council for a new america that didn't work. a year later, cantor was back at it. he was one of the young guns ready to take the republican party by storm. >> there is a better way, and a new team is ready to bring america back. eric cantor, kevin mccarthy, paul ryan joined by common-sense conservative candidates from across the country. together, they are ready to make history. together they are the young guns. >> the good old days. in 2011, cantor launched the you cut program. he wanted to get the public to vote on weekly cuts to federal government. another year, another failure. so today cantor launched the "making life work" campaign. he is trying desperately to avo
there is a better way to reduce the deficit, but americans do not support sacrificing any real spending cuts for more tax hikes. the white house believes house republicans, who have warmed up to the idea of letting the sequester take effect, may get a wake-up call as they continue to see those -- the economy contract, that the fourth quarter numbers will be a wake-up call. the president pointed out yesterday that those cuts in defense spending caused the economy to shrink at the end of 2012. >> we've been reminded that while it's critical for us to cut wasteful spending we can't just cut our way to prosperity. deep, indiscriminate cuts to things like education and training, energy and national security will cost us jobs. >> new numbers from the congressional budget office may provide some ammunition. the cbo projects the economy will grow at a measly rate of 1.4% this year and 3.4% next year. the cbo forecast is correct, 2014 will be the sixth consecutive year with unemployment above 7.5%, but expect to hear from republicans about another big number in that report, and although the federal d
2014 but, this is a big but, a lower deficit, the smallest since president obama's been in office, well under $1 trillion. they attribute that to an improving economy and to the fiscal cliff deal. veronica. >> tracie potts, thank you. >>> a major decision expected from the boy scouts of america. national board members set to vote on whether to lift the decade long ban on guy leaders and scouts. it comes after a meeting at the texas headquarters. it is a controversial issue from both sides and putting one of the largest youth organizations under a microscope. scouting should be open to everyone. texas governor rick perry expressed the opposite opinion. board members choose to scrap the policy, local scout units will be able to decide for themselves on whether or not to admit gays to the rankings. >>> on the heels of the boy scouts decision, the pentagon is announcing a policy shift for guy service members and partners. leon panetta expected to extend benefits to partners of personnel. it remains doubtful that medical, down theal and housing allowances are offered under the new proposal.
republicans want a bigger agreement on a long-term deficit reduction plan. the white house also announced today president obama will be going to israel this spring for the first time since taking office. israeli media say he's due to arrive march 20th. though the white house would not confirm any of the travel dates. >>> we are learning much more tonight about the breaking story we brought you here last night. the dramatic rescue of a 5-year-old boy, after a standoff in alabama that lasted almost a week. nbc's gabe gutierrez is with us tonight from midland city, alabama. gabe, good evening. >> brian, good evening. today ethan's mother broke her silence. in a written statement she said i woke up this morning to the most beautiful sight, my sweet boy. i can't describe how incredible it is to hold him again. at the hospital today, there were no signs of the ordeal young ethan, seen here in earlier photos, has been through. >> he was running around the hospital room, putting sticky notes on everyone that was in there. eating a turkey sandwich. and watching spongebob. >> reporter: at the site
additional revenue coupled with smart spending reductions in order to bring down our deficit. and we can do it in a gradual way so it doesn't have a huge impact. >> the republican leadership saying flatly, no more tax hikes. >> so they're all dug in again on the fiscal issues. if you look at the polls, wolf, the public wants the president and congress to tackle those fiscal issues. ironically, they may be closer on gun control. they may be closer on immigration reform. but it's still the fiscal issues that are the real problem. >> in the next few week, they have some major things coming up on those issues. dan pfeiffer, the president's senior adviser, will join us in the next hour to discuss guns, guns and guns. >>> the nation's new secretary of state's wasting no time getting down to business. john kerry spent a busy weekend on the phone with palestinian and israeli leader, plus officials in japan, south korea and turkey. all that was before he officially said hello to the state department staff today. >> here's the big question before the country and the world and the state department aft
and deficit. to put a plan in place. it's not just because we want to send a signal to the markets that washington's getting its act together. that's true. and that's a good result. but, it really is to help people. we don't want to see interest rates go up and the need for higher taxes. we don't want to see burden laid on the families, and individuals just coming out of school or seniors. we're trying to put us on a path to a growing economy, where there's more opportunity. >> but eric, you're still in a position of trying to sugarcoat a position of telling people that they are going to be getting less. that you're not going to make the same loans available, that this is a -- this is something that the president campaigned on very successfully. it's that situation. it's the immigration situation. are these different positions or this is just a new way of saying the same thing? >> look. what we're saying is our policies are the best path forward to help people in their lives. and the conservative principles of not spending money you don't have, of making sure that you put in place
from non-defense programs. the fact check organization says only $1.4 trillion have the deficit reduction was in spending cuts. the rest came from tax hikes. >>> a seven-year-old colorado boy has been suspended from cool for lobbing an imaginary grenade in order to save the planet. he did not threaten anyone but violated the school's list of absolutes which forbids weapons real or pretend. his mother doesn't think it's realistic important second graders but the school district tells the herald newspaper the story is more complicated than being portrayed. >> finally as the associated press puts it, no wonder they are in danger. galapagos for advertises aluminum period around while a pianist played getting them in the mood to mate. they did not appear to be aroused by his romantic style of music but they seemed to perk up for carrots. >> iran's leader rejected one-on-one talks about its nuclear program. tehran has found another way to provoke the obama administration. amy kellogg has more from london. >> iran just released footage it claimed it extracted from a drone captured in 2
's going to seek to get new revenue to help bring down the deficit and specifically, he's now calling out carried interest tax breaks again. we'll see where that goes. plus, the story that everyone is talking about this morning, the ravens holding on to beat the 49ers in the super bowl after the lights went out for 45 minutes at the superdome. we're going to try to keep the lights on. "squawk box" begins right now. ♪ if you like it then you should have put a ring on it ♪ ♪ if you like it then you should have put a ring on it ♪ >> good morning, everybody. i'm becky quick along with andrew ross sorkin. joe kernen is on vacation today so we're joined by steve liesman. we're happy to have him here. our top story this morning, the market. we have assembled a trio of wall street's most respected voices to join us for the next hour. we have a lot to talk about this morning. plus, there is that issue of the lights going out at the super dole last night. officials say an abnormality in the power system triggered an automatic shutdown forcing backup systems to kick in. but they weren't sure
keeps pushing the president on debt and deficits. i'd like to know also, i don't you think of the fundamental issues confronting this country, but on the gun issue, why wasn't there a single question about the 15-year-old chicago girl, hadiya pendleton, who marched in the parade in the inauguration and was gunned down, the 42nd victim of gun violence in chicago in january? that might be relevant to the issue of how do you stop trafficking of illegal weapons and relevant to the actual policy debates under way in this country. >> richard, why does inside the beltway media have a propensity to just focus on things that people don't care about? >> look, i've been part of that press corps. i was there actually at the time in the run-up to the war in iraq, and, by the way, there were people asking those questions, but as a pack, as a pack mentality, this is a game. look, the war in iraq was serious. don't get me wrong. but we're talking about kids in america who were killed and how to respond to that. and so, you know, the disjoint between this photo, what the president does in h
had the south african mine strikes which really put deficits there relative to the demand that's there. that put platinum and both palladium as well. >> sean, thanks. carl, thank you, as well. >> okay. coming up, folks. details on some looming job cuts on wall street. and we're also building up to the newsmakers of the morning. former treasury secretary robert rubin, in studio. that's a cnbc exclusive, folks, at 8:00 eastern. plus, chicago fed president charlie evans talking about the central bank's next move. do stay tuned. >>> tomorrow, a special edition of "squawk box." live from pebble beach. former yahoo! ceo carol bartz will be our guest host. we'll talk to at&t chairman and ceo randall stevenson. plus, the legendary clint eastwood. >> people have to get creative when the pressure is on. >> it all starts tomorrow at 6:00 a.m. eastern. >>> welcome back to "squawk." barclays capital saying it plans to lay off 275 employees at three offices in new york. it's blaming economic factors for the layoffs. the layoffs are going to take place during a 14-day period beginning may 5th. how do
it in a deficit-neutral way so that we will lower tax rates and eliminate these loopholes. to my mind just this one piece of legislation, which i think is a sensible piece of legislation, support i believe by the vast majority of the people in this country, could bring in all by itself close to $600 billion in a ten-year period. the choice as americans that we face, do you cut programs that the middle class and working people desperately need or do you ask finally large corporations who have gotten away with murder for years to start paying their fair share? >> even if we weren't looking at cuts at the big three, this is still terribly wrong. there's still no fairness in this game whatsoever. and they have lobbyists have gamed this all the way to the floor of the senate. and there's no question that it needs to be changed. and if this election was about change and if it's about fairness for the middle class, i would expect every progressive group and every democrat and the president to get on board big-time on this. senator sanders -- >> you're absolutely right. i would only add that reven
know, we've heard from republicans, we want to shrink the government, we want to shrink the deficit but not the why. >> i definitely think we are about solving the big problems, macro fiscal problems. the president hasn't joined us. but the reason we're doing that is we want to help people. we don't want to see interest rates skyrocket. what's that going to do to people who are already struggling to pay their mortgage? we don't want to see taxes go up anymore. what's that going to do to somebody who already has now just experienced a tax hike. we want to make life work again, and the path to do that does include trying to get a handle on the fiscal situation here in washington, but it also means putting in place policies that help people with their health care costs, their education needs, college tuition and the rest. >> you want to make people's lives better. some might ask how you can do that and still slash the federal budget the way you want to slash in order to meet your other goal, which is to reduce the deficit. >> well, again, these are, you know, things that we're trying t
has been the weakest recovery in 75 years and trillion-dollar annual deficits. the sequester will help the economy by leaving more capital for private investment. the sequester will surely require worker furloughs and cutbacks in certain nonpriority services. but most of those layoffs will happen in the washington, d.c., area. the recession-free region that has boomed during the obama era. >> wow. not a lot of republicans would agree with that because the sequester would hurt the pentagon. that's why they're talking about the d.c. area. >> can you raise my hand and say i'm one republican that would agree with that? we've got to cut defense spending. >> we have to. >> we've got to, and we've got to cut spending. >> willy-nilly, though. so the sequester is willy-nilly, isn't it? you wouldn't want to cut having the sequester do it? >> didn't congress make the sequester? >> that was a carrot and stick situation. the sequester is the stick. >> the problem is you can't get the president of the united states to put alternative cuts on the board. he'll talk in generalities. and the republicans
Search Results 0 to 49 of about 53 (some duplicates have been removed)

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